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During today's trading session, the EUR/USD pair has posted a gain of more than 0.8% in favor of the euro, marking one of its strongest bullish moves in recent weeks and once again reinforcing a notable bullish bias in the short term.
The FOMC minutes were broadly hawkish, with “a few participants” that saw a case for raising the target range and “several” questioning whether current policy is restrictive enough - what does it mean for the Nasdaq 100?
Gold and Silver Forecast: Gold and silver continue to trade within technically vulnerable zones, keeping the risk of another leg lower alive before a longer-term accumulation opportunity emerges—unless key resistance levels are reclaimed
US Dollar and EUR/USD outlook: DXY holds above 101 as higher-for-longer Fed expectations support the dollar. Key technical levels, Fibonacci targets, and FOMC risks to watch.
The April FOMC minutes show that the Fed is considering dropping its easing bias, a potential precursor to raising interest rates later this year, with AUD/USD bouncing back from range low support.
EURUSD Price Outlook: EUR/USD faces key 1.1580 support as the US Dollar Index holds above 99 ahead of the FOMC minutes. Latest EUR/USD outlook, Fed expectations, bond yields, and key technical levels.
EURUSD and gold are sliding ahead of the FOMC minutes, as the DXY reclaims strength above the 97 mark, keeping key levels in focus to assess the sustainability of these pullbacks.
USDJPY retested the 150 zone for the first time since December 2024, alongside a rise in 10-year government bond yields to 16-year highs. Meanwhile, EURUSD remains above 1.04 ahead of upcoming Flash PMI releases.
USDJPY, Nasdaq Forecast: The Japanese Yen is back at BOJ intervention risk levels, and the Nasdaq is struggling below the 22,000-threshold with a more hawkish-than-expected Fed tone. Non-farm payrolls, earnings, and inflation metrics are the next key events likely to shift the market tone.
Crude Oil Update: With both the Chinese and US economies reporting economic statistics previously seen in 2009, bearish pressures have driven oil prices back towards the 2024 lows, raising concerns about a potential decline into the $60 price range.
EURUSD, Silver Analysis: Following the EURUSD’s breakout ahead of the US Dollar, the Euro has retested its December 2023 highs, while Silver has regained positive momentum, continuing its primary uptrend.
USDJPY Forecast: The bearish sentiment surrounding the U.S. dollar is dominating the week ahead, driven by expectations of a dovish outlook from the Federal Reserve, which is pushing the USDJPY pair back toward the 145 level. On the other hand, expectations surrounding Japanese monetary policy remain a significant factor, particularly in light of the evolving inflationary trends in Japan.
Crude Oil Forecast: Oil market volatility is expected next week with Powell’s economic outlook and crude oil inventory updates.
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